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BentallGreenOak acquires new two-tower residential development in Laval with plans to grow the firm’s multi-family portfolio in Quebec

BentallGreenOak acquires new two-tower residential development in Laval with plans to grow the firm’s multi-family portfolio in Quebec

Montreal (April 14, 2022) — BentallGreenOak (BGO), a global real estate investment management firm, announced today that is has closed on the first phase of a two-tower multi-family residential development in Laval, QC. representing the firm’s largest investment in purpose-built rental residential property in Quebec to date. Situated in an expansive community of planned and existing luxury condominiums, BGO’s new acquisition, named Le Rubis, comprises a two-building multifamily project totalling 344 suites with immediate access to multiple highway networks and is within 30 min from downtown Montreal. The first tower was completed in 2021 and the second tower is expected to be completed by July 2023, both of which will be managed and operated by BGO.

“BGO’s acquisition of Le Rubis adds a high-quality, income-producing, new-generation residential asset in a mature rental market that is increasingly appealing to younger families and young professionals who are seeking wellness-driven amenities to complement their lifestyles,” said Michael Fraidakis, Managing Director and Head of Canadian Investments, BentallGreenOak. “We are increasingly exploring new opportunities to expand our multifamily footprint in the Greater Montreal Area where we see attractive social and economic fundamentals as strong drivers for long term growth in the market.”

Le Rubis features a full array of health and wellness amenities for exclusive use of its residents including a social lounge, fitness centre, bar/kitchen/dining area, rooftop terrace with BBQs, golf simulator and outdoor swimming pool. The Property’s in-suite features include in-suite laundry, modern and high-end finishes, air conditioning, and stainless-steel appliances. All units are sub metered and include a number of energy-efficient features such as LED lighting and smart thermostats. On-site parking includes 89 dedicated EV charging stations for residents.

RBC Capital Markets acted as advisor in the transaction.

About BentallGreenOak

BentallGreenOak is a leading, global real estate investment management advisor and a globally-recognized provider of real estate services. BentallGreenOak serves the interests of more than 750 institutional clients with approximately CAD $93.8B of assets under management (as of December 31, 2021) and expertise in the asset management of office, industrial, multi-residential, retail and hospitality property across the globe. BentallGreenOak has offices in 27 cities across thirteen countries with deep, local knowledge, experience, and extensive networks in the regions where we invest in and manage real estate assets on behalf of our clients in primary, secondary and co-investment markets. BentallGreenOak is a part of SLC Management, which is the alternatives asset management business of Sun Life.

The assets under management shown above includes real estate equity and mortgage investments managed by the BentallGreenOak group of companies and their affiliates, and as of 1Q21, includes certain uncalled capital commitments for discretionary capital until they are legally expired and excludes certain uncalled capital commitments where the investor has complete discretion over investment.

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